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3 December, 15:07

Study the following transactions. Journalize the transactions in a two-column journal, using the appropriate number to identify the transactions.

1. Billed customers for fees earned, $55,330.

2. Purchased supplies on account, $2,380.

3. Received cash from customers on account, $52,010.

4. Paid creditors on account, $1,440.

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  1. 3 December, 15:35
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    The journal entries are given below:

    1. Account receivable A/c Dr $55,330

    To Fees earned $55,330

    (Being the fees earned is recorded)

    2. Supplies A/c Dr $2,380

    To Account payable A/c $2,380

    (Being the supplies is purchased on account)

    3. Cash A/c Dr $52,010

    To Account receivable A/c $52,010

    (Being the cash is received from customers)

    4. Account payable A/c Dr $1,440

    To Cash A/c $1,440

    (Being cash is paid to creditors on account)
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